KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
The FBM KLCI index lost 10.18 points or 0.62% on Monday.
The Malaysian market seen a sharp drop as low crude oil prices and anticipation of the US interest rate decision hit the Asian market. Across Asia, Japan's Nikkei 225 was down 1.8%, South Korea's Kospi fell 1.07%, while Hong Kong's Hang Seng index dropped 0.72%. Asian share markets.
US FED RATE ANTICIPATION AND LOW CRUDE OIL PRICES HIT BURSA MALAYSIA
US policy makers will meet tomorrow (Dec 15) and on Wednesday (Dec 16) to decide on the country's monetary policy. A US rate hike does not bode well for emerging Asian markets like Malaysia as investors turn their attention to US dollar-denominated assets.
A US rate hike will be the country's first increase in about seven years from near-zero levels.
Newly-listed Red Sena Bhd's shares and warrants were the most-actively traded counters with XOX just behind it on Bursa Malaysia today.
The top decliners were British American Tobacco and included both Petronas Gas Bhd and Petronas Dagangan Bhd while the top gainers were Ajinomoto (M) Bhd and Kluang Rubber Co (M) Bhd.
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| FBM KLCI index dropped by 0.62% |
US FED RATE ANTICIPATION AND LOW CRUDE OIL PRICES HIT BURSA MALAYSIA
US policy makers will meet tomorrow (Dec 15) and on Wednesday (Dec 16) to decide on the country's monetary policy. A US rate hike does not bode well for emerging Asian markets like Malaysia as investors turn their attention to US dollar-denominated assets.
A US rate hike will be the country's first increase in about seven years from near-zero levels.
Crude oil prices have fallen below US$40 a barrel on oversupply concerns. At the time of writing, Brent oil was trading at US$37.74 a barrel. Sentiment on crude oil also hit the ringgit as the commodity forms a major component of the Malaysian economy and government revenue. The ringgit weakened to 4.3267 against the US dollar at 5pm.
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| Newly listed Red Sena Bhd led the top active today |
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| British American Tobacco was the biggest loser |
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| AJI and KLUANG were both in the top gainers for the day |
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